Riskalyze is the world’s first risk alignment platform.
With an increased emphasis on growth, their in-house billing system wasn’t up to the challenge.
Riskalyze chose Zuora to support 3 key goals: double sales team, increase deal flexibility, improve billing efficiency.
By Q1 after implementation, 30% of new ARR was annual pre-paid and they saw a 5% decrease in de-bookings.
Since 2011, Riskalyze has had a clear mission and mandate: to empower the world to invest fearlessly. In 2013, they hit their stride when they pivoted from direct-to-consumer to the advisor market. Currently they have 19,000+ advisors and manage about $380B on their platform.
At the end of 2016 they closed their Series A funding round which came with a new emphasis on growth, speed, and efficiency.
Facing 2017, they had three key goals:
Riskalyze started with their own in-house bare bones billing system. In the beginning, it was sufficient, but, as their business grew and become more complex with evolving business requirements, they felt the pain of invoicing customers. Through this process, they realized that billing is a really hard problem to solve and discovered what kind of platform they needed to accomplish their goals.
That platform was Zuora Central. As Marcel Weiland, Product Manager for Riskalyze, simply put it: “Zuora is the right system for our people.”
They set themselves a very ambitious timeline of a 60-day implementation. Since going live in December 2016, the data overwhelmingly supports their decision to go with Zuora.
By end of Q1 2017, they’d doubled their sales team and increased deal flexibility. They also leveraged the ability to do pre-paid contracts which resulted in 30% of new ARR for Q1 being on an annual prepaid basis.
And they streamlined billing processes, offloading a lot of the manual work of compiling quotes and signing contracts. This, combined with their new ability to sell pre-paid contracts, resulted in a massive 5% decrease in de-bookings.
According to Weiland, this means that “instead of trying to plug holes in the sinking ship and fill the top of the funnel with more and more customers,” they now have customers who are “in the product long enough to get engaged and feel the power of the value that Riskalyze adds. It’s good for everyone!”
“Zuora is the right system for our people.” – Marcel Weiland, Product Manager, Riskalyze
“Instead of trying to plug holes in the sinking ship and fill the top of the funnel with more and more customers, we now have customers who are in the product long enough to get engaged and feel the power of the value that Riskalyze adds.” – Marcel Weiland, Product Manager, Riskalyze